Australian Treasurer Josh Frydenberg recently met with industry groups to hear their concerns about Labor's proposed policies.
The round table was convened by Senator Zed Seselja, Deputy Minister of Treasury and Finance, who was also attended by Prime Minister Scott Morrison.
"Today, the Prime Minister and the Assistant Minister to the Treasurer and I met with representatives of the Australian Real Estate Institute, masters builders of the. Australia, Australia Property Council and other experts. All shared their concerns about the new tax on workers' housing, "said Frydenberg.
Bill Shorten, leader of the Labor Party, says government policies currently disadvantage investors compared to first-time homebuyers. In addition, he said that the current rules are largely for high-income people.
Bearing this in mind, the party announced that it was planning to limit the negative gears to new homes and halve the 50 percent reduction in the tax on new homes. values, at 25%.
However, the weakening of the housing market over the last 18 months seems to weaken Shorten's assertion that real estate taxation needs to be reshaped.
The Master Builders Association said the proposal could cut 32,000 jobs and bring the number of homes under construction to 42,000.
"Under the policy, all homeowners will see that it is worth less, and under this policy, all those who rent a house will eventually pay more," Frydenberg said. .
The Property Council of Australia is also against these changes. "This is not the time to make changes to the negative tax on credit spreads or capital gains, which undermine investors' confidence in new or existing homes, thus meeting the needs of investors. housing one third of Australian households who rent, "said Ken Morrison, real estate manager general manager of the board.
Real estate consulting said that nine out of ten real estate investors own only one or two investment properties, the majority of them owning a single investment property. Supported by the tax provisions in force, these investors are essential to meet the demand for rental housing.
"The current debt reduction and capital gains tax provisions need to be maintained so that these Australians continue to be encouraged to invest in the capital. Real estate in order to be able to retire and meet the housing needs of other Australians, "says Ken Morrison
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